New build property prices up 27% since 2015

Jake Carter

February 10, 2021

The average price of a new build property has risen by 27% since 2015, according to data collected by HouseScan.

The research shows that the current price of a new build property is £302,927.

Meanwhile, average house prices across the existing market have risen by 20% over the same timeframe.

Looking to the greatest rise in average prices for new build properties, the East Midlands noted the largest uptick, rising 35%.

The West Midlands followed, reporting a 32% rise since 2015.

In contrast, London has seen the lowest rate of new build house price growth in the last five years, up 17%.

Looking to the average rise in the existing market in London since 2015, the data shows a 13% increase.

On a local authority level, Corby in the East Midlands has seen the greatest rise in new build prices since 2015, up 48%.

Furthermore, new build prices compared to existing property prices in West Suffolk saw the greatest discrepancy, with the former market noting a 38% uptick, while the latter rose by 12% since 2015.

Harry Yates, founder and managing director of HouseScan, said: “Despite the problematic landscape created due to COVID-19, the new build market remains a strong investment for UK homeowners, with values continuing to not only climb but doing so at a far greater rate than existing bricks and mortar.

“While an initial investment in a new build property will require homebuyers to pay a premium, it’s worth every penny in the long term.

“Even against the backdrop of a global pandemic and a period of prolonged political uncertainty caused by the EU Referendum, new build values have remained resilient and registered some extremely strong uplifts over the last five years.”

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